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The Hamiltonian economic program was the set of measures that were proposed by
The Hamiltonian economic program was the set of measures that were proposed by American Founding Father
The Founding Fathers of the United States, known simply as the Founding Fathers or Founders, were a group of late-18th-century American revolutionary leaders who united the Thirteen Colonies, oversaw the war for independence from Great Britai ...
and first Secretary of the Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
Alexander Hamilton in four notable reports and implemented by the US Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washi ...
during George Washington's first term. They outlined a coherent program of national mercantilism government-assisted economic development……
* First Report on Public Credit – pertaining to the assumption of federal and state debts and finance of the United States government (1790). Hamilton included his plan to tax distilled spirits among other domestic goods to boost revenue. He thought that a tax on spirits would be the least objectionable way to make money, as it could be philosophically equated to a pigovian
A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by the producer that are not included in the market price). The tax is normally set by the government ...
or sin tax. However, his new tax set off the Whiskey Rebellion
The Whiskey Rebellion (also known as the Whiskey Insurrection) was a violent tax protest in the United States beginning in 1791 and ending in 1794 during the presidency of George Washington. The so-called "whiskey tax" was the first tax impo ...
which highlighted separation in social classes as rural Pennsylvania farmers fought against the government. Eventually, the tax was repealed, but the incident greatly emphasized the government's willingness and ability to suppress violent resistance to its laws.
* Second Report on Public Credit – pertaining to the establishment of a national bank (1790)
* Report on Manufactures
The Report on the Subject of Manufactures, generally referred to by its shortened title Report on Manufactures, is the third major report, and ''magnum opus'', of American Founding Father and first United States Treasury Secretary Alexander Ha ...
– pertaining to the policies to be followed to encourage manufacturing and industry in the United States (1791)
* Report on a Plan for the Further Support of Public Credit - pertaining to how to deal with the system of public credit after Hamilton's resignation, including complete extinguishment of the public debt (1795)
See also
*American School (economics)
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy. The policy existed from the 1790s to the 1970s, waxing and waning in actual degrees and details of imp ...
, for the Hamiltonian American School of economics practiced by the United States from 1790s–1970s rooted in the three Reports, based on tariffs which built the American industrial infrastructure
* Federalist Party
The Federalist Party was a conservative political party which was the first political party in the United States. As such, under Alexander Hamilton, it dominated the national government from 1789 to 1801.
Defeated by the Jeffersonian Repub ...
, Hamilton's political party, which supported his program and pushed most through Congress
References
Concerning Support of Public Credit in Colonial America
* * * * * *External links
* Alexander Hamilton Federalist Party American political philosophy Economic nationalism {{UnitedStates-stub